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With Lin Qingxuan completing the final sprint to become the "first stock of high-end Chinese skincare" in the Hong Kong stock market, this "Camellia" that has been deeply cultivating the Chinese high-end skincare market for more than ten years has also completed a crucial leap in the capital market. On December 23, the 5-day subscription period for Lin Qingxuan (02657) officially ended. According to the announcement, Lin Qingxuan plans to issue 13.9665 million shares this time, with 10% for Hong Kong sale, 90% for international sale, and an additional 15% oversubscription right. The offering price is HK$77.77 per share, with a planned fundraising of HK$1.086 billion. Based on brokerage data, the company has received approximately HK$11.230 billion through the IPO, with approximately HK$109 million raised through the public offering, and oversubscription rate exceeding 1032 times, showing the market's high enthusiasm for subscription. Not only that, on the eve of the listing day (December 29), Lin Qingxuan's grey market also performed well, with prices rising nearly 30% at one point. By the close, Futu's grey market data showed that the company's grey market rose by 18.75% to HK$92.35. It is worth mentioning that Lin Qingxuan has long been favored by funds. It is reported that the company's IPO attracted a prestigious lineup of cornerstone investors, including Fidelity Fund, Greater Bay Area Co-Housing Investment GBA, Zhengxin Valley, Duckling Fund, Dahua Insurance Group, Yield Royal Investment, and seven other cornerstone investors, with a total subscription of USD 62 million, accounting for 44.43% of the total shares issued, further reflecting institutional investors' high recognition of the company's long-term value. It can be seen that both cornerstone investors and secondary market investors have given substantial support to Lin Qingxuan's growth story and fundamental market trust, providing an excellent start for the company's listing. Of course, Lin Qingxuan's ability to garner approval from both "smart money" and "market money" is not achieved overnight. Firstly, by accurately positioning itself in the high-growth "high-end anti-wrinkle" track, and successfully accumulating a leading effect. In 2012, at a time when domestic products were generally pursuing cost-effectiveness and "essence oils" were still niche, Lin Qingxuan innovatively proposed the concept of "skincare with oil", and focused on the high-end price range by highlighting "anti-wrinkle and firming" with its core product "Camellia Essence Oil". According to reports from Zhoushi Consultancy, the Chinese anti-wrinkle and firming skincare market has now become the core engine of industry growth, with a scale reaching 119.8 billion yuan in 2024, with a compound annual growth rate of as high as 15.0% in the past five years, far exceeding the overall skincare market growth rate of 6.8%. As is well known, successful enterprises do not win at the starting line but choose the right track. By avoiding the red sea and accurately positioning itself in the high-growth "high-end anti-wrinkle" track, Lin Qingxuan has also formed a certain leading effect in this track - the company's core product Camellia Essence Oil has been the top-selling facial essence oil in China for 11 consecutive years and the only product in the industry to exceed 100 million yuan in retail sales for 8 consecutive years. This leading effect has also made this product a key support for the company's performance growth, forming a virtuous cycle of "the strong getting stronger". Secondly, building solid technological and industrial chain barriers, and achieving the branding of "cell-level anti-wrinkle" technology. It is reported that the high premium and market recognition essentially confirm the deep brand barriers that Lin Qingxuan has built around "cell-level anti-wrinkle". The company focuses on the core material Camellia, continually deepening research and development, forming full-link technology control from raw material planting to final products, and ultimately realizing the efficient conversion of scientific research results and market value, creating an unreplicable competitive advantage. In particular, the "cell-level anti-wrinkle" has achieved brand technology by binding the complex mechanism of "cell-level anti-wrinkle" with the tangible product of "Camellia Essence Oil", making technology tangible. With support from patents, clinical reports, and top-tier capital, the company directly conveys the signal of "hardcore technology" to consumers. As of the final feasibility date, the company had accumulated more than 600 formulas and 87 patents, with 46 being the highest-value invention patents covering core areas such as Camellia extraction, formulation, and anti-wrinkle repair technology. With such strong competition barriers in place, Lin Qingxuan's impressive financial data has provided investors with strong confidence. According to the prospectus data, from 2022 to 2024, the company's revenue increased from 691 million yuan to 1.21 billion yuan, with a compound annual growth rate of 32.3%, higher than the industry average. In the first half of 2025, the company continued its explosive growth: achieving revenue of 1.052 billion yuan, a year-on-year increase of 98.3%; and a net profit of 182 million yuan, close to the full-year level of 2024. At the same time, the company's gross profit margin has shown outstanding and stable performance, reaching 78.0%, 81.2%, 82.5%, and 82.4% from 2022 to the first half of 2025, showing not only continuous growth but also a high level of profitability, further corroborating the company's operational effectiveness and market dominance. In summary, it can be seen that Lin Qingxuan's success in becoming the "first stock of high-end Chinese skincare" amidst the international giants and domestic competition is not accidental but a strategic combination of precise track selection, unreplicable technological barriers, and forward-looking strategic vision. With this strategic stability and explosive growth performance, Lin Qingxuan's enthusiastic reception in the market is undoubtedly justified. In the future, Lin Qingxuan will use the raised funds for brand building and marketing, expanding and upgrading its omnichannel network, research and development, quality control, and deepening and operating the industrial chain, which will have a more profound significance for the company's future development - only by digging a deep enough moat and building a high enough city, can the company truly grasp the initiative of development, open up a higher growth ceiling, and achieve a dual leap in performance and value.